Gold Gains on Fed Rate Cut Hopes; Copper Prices Rebound

24.06.06 News

Gold prices surged in Asian trade on Thursday, driven by weak economic data that bolstered expectations of Federal Reserve rate cuts, which weakened the dollar. Traders are optimistic about global monetary easing, with rate cuts expected from the Bank of Canada and the European Central Bank. Spot gold rose 0.6% to $2,370.40 an ounce, while gold futures fell 0.6% to $2,389.70 an ounce. Meanwhile, copper prices rebounded from a one-month low, supported by a softer dollar, with benchmark copper futures rising 1.5% to $10,074.50 a tonne.

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